Which of the following statements is false about the single stock futures traded in the exchange OneChicago?

1. Single stock futures do not have counter-party risk, unlike similar forward contracts on stocks structured or traded over the counter.
2. Single stock futures act as synthetic stock-lending vehicle and replace the stock locating process.
3. Single stock futures reduce the capital required for the positions in equity.
4. If IBM suddenly announces an unexpected dividend with the ex-dividend date on July 15 and if the IBM stock price stays unchanged, then the single stock futures price of the IBM June contract should drop.